CAL introduces Digital Acc Registering

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By 2017-02-15

By Mario Andree

Supporting endeavours of the Colombo Stock Exchange and the Securities and Exchange Commission to increase retail participation at Sri Lanka's Capital Market, a leading investment banking firm introduced an online account registering system to minimize the hazel of documentation.

Highlighting that the current system to open accounts were discouraging many potential investors, especially from the younger generation, Capital Alliance (CAL) Managing Director/ CEO Ajith Fernando said that the new system introduced by the company was expected to have a massive impact on the market.

According to him the new system introduced by CAL is expected to increase the number of retail traders at the CSE, as the process requires no physical documentation and reduces the time by automatically filling out the forms to open trading and CDS accounts.

The new system comes after a decade since the government passed Electronic Transaction Act No. 19 of 2006, and the new digital signature process of CAL has been formulated in compliance with the Act.

Currently there are around 200,000 retail accounts registered with the Colombo Stock Exchange, and through the new online registration system CAL hopes the number of participants would increase considerably. According to Fernando, CAL currently operates more than 20,000 accounts, which would increase at least by 10 per cent per annum through the system. Fernando said that the company partnered with a leading certifying authority in Asia – India based eMadhra Ltd – to create the new digital account registering system.

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